Hello,

I've been researching various opportunities online and I've recently been reading about Forex trading. I think I'd like to give it a try, possibly with the help of an EA. Am I correct in that to do this I need to follow the steps below:

1) Create an account with a Forex Broker (ie: Forex .com)
2) Install a forex trading software package (ie: MetaTrader 4)
3) Install an EA that works with that forex trading software (ie: Avonko)
4) Allow system to run 24X7 making trades based on parameters I specify

Obviously I have more learning to do before I actually begin trading, but I'd like to know if I've overlooked anything or if my steps are wrong in any way. Any feedback or suggestions anyone can provide me with would be very much appreciated.

Thanks,

WillHanns

Your steps seem ok but the very first thing you have to do is learn trading. It isn't a game. You must find your own trading style before jump in with an automatic system which you certainly don't understand how it will trade.

Good luck for your learning mode.

FerruFx

Hi FerruFx,

Do you have any suggestions on where I can learn what I need to know to enter the world of Forex trading? I don't mind spending time getting up to speed, but there's so much to learn, it's hard to know where to begin.

Thanks for any suggestions,

WillHanns

Your best friend is the "search" features on any forex forums and of course Google.

A good start would be here: http://www.babypips.com

have fun.

FerruFx

Hi.
Can I have a scholastic count here?

Babypips is a great site .

Yes it helps if you understand the basics of Forex. I think what you're trying to achieve is a successful automated trading plan and not conduct manual trading.

Choose a broker with low pip spread commission.

You will need to really research around and do forward testing on EA's to see if they perform like they say. Pick EA's that have money-back guarantee, great customer support and free updates for the EA. Remember the EA is a generic trader and the market is not generic but very dynamic, so updates to the EA is a MUST.

Test your EA on demo account for at least a month before deciding to bring it on a live account with real money.

You will be running your EA 24/5 these are the trading hours not 7 days a week. It's best to have the EA close trades and not have any open positions over the weekend, the news can greatly effect your equity severely to negative effect most times.

It's also best to use a virtual private server to have your MT4 applications and EA's running in this environment to ensure 99.9% uptime, rather then using your desktop PC or laptop which eventually won't be able to handle continuous uptime needed!

Good luck

so can anyone recommend any good EAs? too much info on FOREX on the internet. I'm not sure where to begin..

Hi WillHanns

regarding the steps you mention. If you want to use an EA to automatically trade for you, you must open an account with a broker that supports Meta Trader 4 itself. Forex.com i believe has a platform of their own. So in this case, you would run the EA on Meta Trader 4 with a demo account, and every time the EA opens/close a position on that demo account, you do it manually on your real account with forex.com on their platform.

So my suggestion is to find a broker that supports Meta Trader 4. That way you can let the EA do all the work for you. Check out my sig to see list of brokers that support MT4.

Another thing is that it would be best for you to diversify your portfolio. Don't just use a single EA on your account. I have yet to see a single EA that performs well on ALL market conditions. An EA is usually optimized for only a specific market condition such as ranging or trending or specific currency pair, each with their own weaknesses. So by having several EAs running, you'd be covering one EA's weakness with another EA's strength.

my 0.02

hey. u mentioned something about running the EA on a virtual private server. can u suggest any providers?

Learn at least some basics about forex, so you'll understand what is your autotrader doing.
Then test it on a demo account or a very tiny real account.

Forex is definitely a great challenge and rewarding market. It is like a roller coaster ride. I enjoy it thoroughly. it is a big risk and reward game. I usually play safe by nullify my risk through diversifying by portfolio and trading through news.

Some of the currencies are worth taking risk and usually profitable in intra-day like EUR/USD, USD/JPY, GPB/USD, EUR/GBP if we trade using news.

But there are certain currencies which are very volatile and risky if we trade inta-day so i usually use hedging techniques there.

My suggestion would be its worth taking risk if you understand the market well as it is highly rewarding place for intelligent traders. therefore trade with Finexo where you can get an account with $25 and some expert fund managers who will help you to learn Forex well.

you can get Forex trading concepts and glossary at : http://www.finexo.com/infoCenter/5548

For news updates click this : http://www.finexo.com/docs/tech_analysis/emc.pdf

For chart analysis look at this: http://www.finexo.com/tools/chart.php

When anyone gets started with trading the forex...it is definitely smart to practice on a demo account first. Test out your strategies that you have been taught and make sure you are confident in what you are doing. You can be out of the game sooner than you think if you do not use proper money management and learn a successful-proven strategy...

I use forex 4-pack training materials and work great for me bro

More than platforms trading skills matters. Broker comes second.

There are various mantra's through which you can earn huge.
Profit Mantras

1. Knowledge is must: good knowledge is very essential before
trading. Understanding of subject, terminology, financial market
behavior, current trends, foreign news are must for the trader.

2. Knowing currencies well: currencies are traded in pairs. So it
is very important to understand the impact and relationship among both
the currencies.

3. Risk Management: take risk only when you are prepared. Risk and
return are the two sides of coins. Better management of risk will
fetch better results.

4. Read, learn and trust trend charts: gaining information and
following trend charts can help the trader to earn huge profit. It is
always advisable to stick with the trends as the currencies mostly
follow a similar pattern with minor fluctuations.

5. Deal in common pairs of currency: for a beginner it is always
safe to trade in common currencies as the proper information is
available. Uncommon currencies are very volatile and sometimes do not
follow the past trends.

6. Learn from the past experiences: always try not to repeat the
same mistake and remember the mistakes done in past. Experience will
make trader confident and will help him to understand market well.

7. Avoid unknown Forex trading strategies: trader should not
involve in these strategies which he does not understand.

Thus, there is no full proof strategy to stop loses but by following
the above mantras trader can certainly avoid some of the loss. So
friends all the best.....

Aren't there good automated systems that can get you 90% + successful trades?

Like this, check out this site. I've been using it and it works great. Almost makes learning all the rules pointless.


CLICK HERE

NO! But a human can with a little luck

I recommend eToro for something simple and Forex Kiss Strategy as something that works good on higher levels.

Forex-Kiss works exactly as advertised, but the design of their website isn't the best, i think they'd get alot more people with a better design but when it comes down to it makes no difference at all if the product is worth the purchase.

wow 90% I don't think systems or humans can do that unless you are damn expert!

Hi
STAY in TOUCH with US
Forex Trading have made Millions of Online Millionnaires....
We do know the Forex industry involves many technical tasks for
beginners than for experienced traders.
We aim to help every one.
Our goal here is to give away to every one, biginners or Pro traders a
FREE FOREX BIGINNER GUIDE.
We hope that this wonderfull tool will be of help for you
Best Wishes
Tradexpert

Hi,

If your goal is this then why to be with you post your beginner guide here. Everyone can gain knowledge with it.

Have a nice day....

Hi, beginners!
The fact is that really FX Trading have made millions of on-line and off-line losers. Also there are a lot of potential losers now... who listen to smb who knows nothing abt FX Trading. The fact is that every trader wants to have profit, but 80% of them have loss. The best advice is to listen less advices. Real trader must have his own opinion and trust in it.

But the beginner have no any own opinion because he is a beginner... So he have to look for advices...

Unfortunately I can't open your link, but I'd like to tell you that mostly this automated software get you to the loss result.

good FREE FOREX BEGINNER GUIDE is on forexstart.awardspace.com
i found it some time ago and since i read it i never had questions then..

Beginners can get good source of information from
http://forextradingguru.blogspot.com/
and forex tutorial from http://www.finexo.com/infoCenter/5548

see ya

These last 6 months including today I have really started to hear a lot about people making money with forex trading or more accurately currency trading, with volatility I suppose that helps.

Thank you..

Hey there...I like to share this forex trading information for all of you!!

I've make $200-$2000 a day because of this forex trading guide...

And i think it's time for me to share the luck. Visit http://www.forex.makemoneyfromscratch.net to get your hands on this forex guide. Message me if this information is not worthy...

Hi to all newbies,

If anyone looking for techical forex system....

Just want to share this... http://fxtechnicaltrading.wordpress.com

Happy trading

Hi. My name is Jacob and I’m trying to get a better life… I’ve heard about forex and a lot of reason to trade… I hope to learn and finally enjoy!

Hello everybody!!! I’m just trying to find a good way to get some extra money… Do u think Forex is a correct way to do it??? Thanx a lot!

Hello

I have been reading the posts,seems that more people everyday need to make more income.

Lets face it, if it was easy to make money from forex trading we would all be doing it.

Everybody wants to win at this forex,the little notes on the bottom of every site {HYIP,casino,no refunds}

Some people I know are trying out the turbo robots.

If you look at youtube they are showing real results,sort makes me think that even I could do this.

Still my spending nature wants to jump in spend to my hearts content without understanding how much I could lose.

Forex brokers need new punters spending,they need clients to look after.
They earn with the fees like a bank,so they will improve their service for new people.

A broker needs customers who come back and spend,to do this they need to make sure they do not lose all their marbles in the first round.

Forex will have to be made easier so more people like me see it as an investment which I earn a buck or two.

ok c u Len

Hey guys.
I also want to use forex but how can i create a trial account?
And i dont got any money on my paypal acc so how can i earn the money needed for a forex acc fast?
And can i really earn 500 each day with it?

Hey people! I didn’t really expect someone to answer my post… You know, experience tells that people are like that… But I would appreciate if you guys can help me during this difficult time: The beginning. Actually, I’m just trying to learn right now. I know I should get a demo… Do you think this is a good option? I don’t really want to waste my money!

Thank you eliteincome!!! Although your answer is not an optimistic one, I think you are right… Is good to find people who want to help… I have been reading some articles; I’m registered in some forums to be able to understand the topic… And I know I need to get a demo. Do you know something about it?? Have you made some money by means of trading?

e-toro is hilarious
I had lot of fun when I download the demo.
But for serious trading I don't feel confident with it.
I prefer Tradeview Forex or Oanda.
So far the two best brokers I've found.
The rest is just advertising.

Guys, try alpari, fxcast or finexo. And for those who doesn't want to risk any money try Marketiva. You will get $5 free to trade. Of course don't expect to make a lot of money with it. Just to learn and test your strategy. Good luck guys.

Ok Thanks! I will read and learn about them, and I will get a good one. What do you know about TVF? Is it a good option?

Hello again!
I’m looking for a good broker, and the more I read and search, the more I find new brokers. I’m really confused... Marketiva? I hadn’t heard about it, but I’m gonna learn. I like that option! A lot of people mention TVF… How is it? Thanks!

you can try fxopen, very good brokers, many bonus and fast withdraw

So far you're doing great, so now you got your nose wet with all the terminology you may now download a demo. There are a few good ones like Tradeview and alpari and I mean in terms of execution and charting. You can always consider different platforms from MT4 which is the usual one.

I am very new to forex myself, but decided to give it a try. My friends and sponsors recommend fap turbo robot and I use fxpro. Fxpro does take Credit and debit cards and bank wires besides paypal, and you can withdraw to those accts also. Everyone I know have been doing quite well with them both. Used a demo acct for awhile to learn a bit, and still have so much to learn!! But much better than worrying and messing with those 12X12's losing money! Doing well with both and learning alot, still have a long ways to go so you are not the only one! But we will get there and I believe do very well with forex and really love using the programs I am using. I also use the VS from commercialnetworkservices. Both fxpro and them have great support too, all of them do! Good luck to all!

hi all guys..

gald to see newcomer excited to trade in forex market..but remember gain knowledge as much as u can, understand the technical first before using EA/robot..because when u understand and not follow then u will see the market..remember we are only little player try to grab opportunity not like the ig boys who create the market trend..

just my piece of advise

Forex can be rewarding if you know what you are doing. I suggest learning the basics from babypips school (Its Free!). This will get you the foundational knowledge you need to get started. I would then open a demo account, start trading on paper before going live. To shorten the learning curve, find a successful trader and ask if they would be your mentor. Following this approach could save you a lot of money and stress!

skype my at riz79fx...i willing to help u

And i will give u the very easy system that even newbies can follows...

or mail me at riz79fx@gmail.com

ALL NEWBIES ARE WELCOME TOO....

AND TIPS FOR NEWBIES....DONT EVER...EVER...EVER...USE EA...IT WILL BLOWN YOUR ACCOUNT IN NO TIME...ITS HAPPEN TO ME